Bangalore based scooter rental startup Vogo has bagged a fresh funding of $1.09 million (Rs 8 crore) from Mumbai-based venture debt firm Alteria Capital. With the fresh infusion, the total capital raised by the company stands at about $7 million. Vogo counts Ola, Matrix Partners India, Stellaris Venture Partners, and a few other seed round investors.
Interestingly, Alteria Capital has announced the second close of the company's India Fund I at $85.48 Mn (Rs 625 crore). Vogo was started in 2016 by Anand Ayyadurai, B Padmanabhan, and Sanchit Mittal. It offers dockless scooters on rent for short one-way ride. Operational in Bengaluru, Hyderabad, Manipal, and Mysore, Vogo is looking to add more than 1,000 pickup points in the city of Bangalore and Hyderabad. The company claims that more than 27,000 users have used the service of the company, commuting a distance of 6 million km using the mobile app of the company.
Ayyadurai commenting on the fundraising said, “We believe that the wealth of experience Alteria’s team brings to the table and their excellent network in India and abroad will help us to grow faster and make Vogo available to more customers."
Alteria Capital co-founder and managing partner Vinod Murali said that the team at Vogo have shown great promise of helping the Indian consumers with a cheap and convenient way of the last-mile commute. “Anand and the team at Vogo have shown excellent promise in providing Indian consumers with an inexpensive, convenient solution for their first and last-mile commute requirements and we are excited to partner with them on this journey," Murali said.
Stoneheadbikes, Rentabike, ONN Bikes, Tazzo Technologies, LetzCycle, and WheelStreet are the other players in the same industry with whom Vogo competes.
Image Courtesy : Vogo